Economic Buzz: US Manufacturing PMI Growth Continues To Slow In January

2 Feb 2022 , 08:48 AM

US manufacturing PMI fell to 57.6 in January from a revised 58.8 in December, although a reading above 50 still indicates growth in the sector, the Institute for Supply Management revealed in a report on Tuesday. The index decreased for the third straight month, slipping to its lowest level in over a year. The continued decline by the headline index came as the new orders index slumped to 57.9 in January from 61.0 in December and the production index slid to 57.8 from 59.4. On the other hand, the report said the employment index inched up to 54.5 in January from 53.9 in December, indicating a modest acceleration in the pace of job growth. The prices index also surged up to 76.1 in January from 68.2 in December, suggesting price growth reaccelerated after a notable slowdown in the previous month.

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